Provision required?
This query is : Resolved
harish babu
(Querist)
23 August 2012
Dear sir
A company made sales to a customer and the payment is due on 25th of march but the customer informed his inability to pay on 25th and informed the company that he will pay on 5th of april and he has given a promisary note also.Is any provision required in this case as it is year end.
Thanks&Regards
Harish
A company made sales to a customer and the payment is due on 25th of march but the customer informed his inability to pay on 25th and informed the company that he will pay on 5th of april and he has given a promisary note also.Is any provision required in this case as it is year end.
Thanks&Regards
Harish
CA VISHNU GAVKARE
(Expert)
24 August 2012
when customer is agreeing to pay and given promissory note then it needs to be assessed will promissory note be en cashed.If there is reasonable certainty of realizing the amount then no provision is required otherwise it does require.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- GST Audit whether Govt Companies are exempt?
- PTRC Show Cause Notice on Email
- Accounting treatment of AMC alongwith the purchase of Laptop
- Unable to File TDS Q2 Return – New TRACES Portal Error
- Issuing of delivery challan by seller of goods
- Not ordinarily resident having partnership income in India and salary in USA is any form to filed be
- Transfer of Physical Stock Between Two Proprietorship Concerns
- Condonation Request sec 119(2) b -Enhancement Limit of Leave Exemption prior to AY 2023
- GST Treatment of Purchases with GST Paid where Outward Supplies of Manufactured CattleFeed Exempt
- EPF ECR NEW RULES Sep 17th 2026
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
